06/24/2024
Some good news for those of you looking to buy a new house. Mortgage rates are dropping and now is the time to start planing. I a here to help with the search and the fianancing. Just drop me a message and we can get started. Prequalify and hold on to the dream. It's the time to live the American Dream, buy a house and start growing your equity. I am ready to help you.
There’s good and bad news for mortgage rates this week. The good news is rates have continued their slow downward trend, averaging 6.87% on 30-year, fixed-rate mortgages, Freddie Mac reported.
Although this is promising, lowering interest rates is far from the norm. Last week, 30-year mortgages had average rates of 6.95%. However, compared to a year ago when rates averaged 6.67%, this week and last week’s rates are still relatively high. Still, any improvement is better than nothing.
"Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut," Freddie Mac Chief Economist Sam Khater explained. "These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders."
On top of 30-year rates, 15-year mortgage rates also dipped this week, but still remain above the 6% mark. Interest rates for 15-year fixed-rate mortgages averaged 6.13%, down slightly from last week when they averaged 6.17%.
If you think you’re ready to shop around for a home loan, consider using Credible to help you easily compare interest rates from multiple lenders in minutes.
